Manuel Fernández de Sousa bowed to the inevitable on Wednesday by resigning as chairman of failed seafood processor Pescanova.
Fernández de Sousa is being investigated for alleged false accounting and also faces insider trading charges at Pescanova, a forensic audit of which showed it to be technically bankrupt with financial debt of 3.281 billion euros, almost four times the amount previously acknowledged in its accounts.
Pescanova’s receivers had already removed Fernández de Sousa from the day-to-day running of the company, which his father founded and where he has been in charge since the 1980s. He also remains the company’s biggest shareholder.
His mandate as chairman had already expired and other major shareholders had also called for his resignation.